Sierra Bonita Bungalow

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Address: 1704 N Sierra Bonita Ave, Pasadena, California, US
Created date: June 28, 2023
Date last updated: April 3, 2024

Property Description

Growth Investment Group California is proud to offer SIERRA BONITA BUNGALOWS, a turnkey/fully upgraded 3 properties/parcels totaling 26 units. Sierra Bonita Bungalows is an exceptional investment opportunity offering a turnkey solution for buyers seeking high-quality apartment units in the beautiful city of Pasadena. Situated in the prestigious San Gabriel Mountain foothill area, and within walking distance to Altadena Country Club and Altadena Golf Course, this exclusive property consists of 26 units that are spread over 15 buildings and meticulously designed and fully upgraded from top to bottom, providing an attractive proposition for investors looking for steady rental income and long-term value appreciation. The property consists of 3 parcels with highly desirable layouts; a combination of single-story bungalow style single-family houses and duplexes, each unit provides serene and single-family house atmosphere to it, making each unit very easy to rent and highly desirable amongst renters. The large combined lots allow FOUR (4) Additional Dwelling Units or more (buyer to verify). It is in a quiet residential area surrounded by mostly multi-million dollars SFR. Located just several properties away from world renown EF International Language Campus (www.EF.com ), and EF Academy, this strategic location provides excellent location for international students, or short rentals. The area commands a fantastic demographic of $170,962 Average Household Income within a-mile-radius. This offering provides rare opportunity to investors who appreciates quality asset and location with multiple exit strategies such as: operate as apartments and enjoy cash-flow and tax benefit over time, operate as short-term rentals for nearby international students, condo conversions, TIC conversions, or operate as-is and add ADUs (Additional Dwelling Units) – BUYER TO VERIFY. Sierra Bonita Bungalows has 3 parcels/properties: address# 1704 consists of 6 units (and situated on ±11,254 SF lot, address# 1710 consists of 12 units and situated on ±10,474 SF lot, and address# 1728 consists of 8 units and situated on ±15,685 SF lot (BUYER TO VERIFY). All three properties have shared parking at the back (combination of carports and garages) and must be sold together. The property has been completely renovated and offers a desirable mix of One (1) x 3bedroom+2bathroom house, nineteen (19) x 1bedroom+1bathroom bungalows, and six (6) studio bungalows. Each unit has been completely upgraded inside out with modern and attractive upgrades such as: in-unit laundry machines, new flooring, new kitchen with modern kitchen countertops + cabinets + kitchen appliances, new tiled bathroom, new mini-split HVAC systems. The exterior has been completely upgraded with new paint throughout, new landscaping, new fence + gate, new driveway, and so much more. Each unit is individually metered for electricity and gas, and any house electrical and gas bills are billed back to tenants. Parking is provided by combination of private attached garage, attached carports, and shared attached garages. There are total of 28 parking spaces providing overparked benefit and 2 storage rooms, and all parking are single-story buildings which eliminates parking soft-story requirements (buyer to verify with City of Pasadena).

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments | Garden Style
Price: $10,980,000
No. of Units: 26
Cap Rate: 4.29%
GRM /GIM: 16.12
Year Built: 1963
Year Renovated: 2023
Building Size: 11,039 Sq ft
Lot Size: 37,413.00 Sq ft
Opportunity Zone: No
Price per unit: $422,308
Address: 1704 N Sierra Bonita Ave

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent

FINANCIAL DETAILS

Income/expense info: Actual

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